FHA Changes On The Way...

Ken Cook, from America Home Key Mortgage, is an FHA expert and extremely knowledgeable about the Mortgage Industry in general. And of course he is on top of the recent and pending changes HUD announced for the FHA.

Reports show FHA defaults and foreclosures to be at 18% of the total number of loans where the average number of defaults and foreclosures on other loans is 14%. In an effort to avert the need for a taxpayer bailout there have been several changes initiated and proposed.

The rest of the article is here. It examines the changes to the Mortgage Insurance Premium, enforcement enhancements, changing seller funding from 6% to 3%, and limitations on the 3.5% down payment.

The bottom line is that many buyers have their best shot at getting an FHA mortgage before all of the changes take place.

Disclaimer: ActiveRain, Inc. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site.
These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them
make an informed decision when buying or selling a house. ActiveRain, Inc. takes no responsibility for the content in these profiles,
that are written by the members of this community.